Hello guys, let’s check out names of all the past and present CBN Governors in Nigeria below;
The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.
The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.
The objects of the CBN are as follows:
- ensure monetary and price stability;
- issue legal tender currency in Nigeria;
- maintain external reserves to safeguard the international value of the legal tender currency;
- promote a sound financial system in Nigeria; and
- act as Banker and provide economic and financial advice to the Federal Government.
Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural, and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.
Lists of CBN GOVERNORS From 1953 till Today
1. R. A. Fetoh 1958-1963
2. Alahji Mai Borno (1963-1967)
3. Dr. Clemet N. Isong (1967-1975)
4. Mallam Adamu Ciroma (1975-1977)
5. Ola Vicent (1977-1982)
6. Alhaji Abdulkadir Ahmed (1982-1993)
7. Dr Paul Agbai Ogwuma (1993-1999)
8. Chief Joseph Oladele Sanusi (1999-2004)
9. Prof Chukwuma Soludo (2004-2009)
10. Sanusi Lamido Sanusi (2009-2014)
11. Mr Godwin Emefiele (June 3, 2014, till date) He is the current governor of the Central Bank of Nigeria (CBN)
Roy Pentelow Fenton
Roy Pentelow Fenton was the governor of Central Bank of Nigeria from 1958 till 1963. He was the first governor of Central Bank of Nigeria. He was from Britain. He occupied the position for five years.
Alhaji Mai Borno
Mallam Aliyu Mai-Bornu served as the governor of the Nigerian Central Bank from 25 July 1963 till 22 June 1967. He was the first Nigerian Governor of the Central Bank of Nigeria. He was an indigene of Adamawa state. He studied Economics at the University of Bristol in the United Kingdom. He started as an administrative secretary in the Nothern Nigerian Public Service before he joined the Central Bank in 1959. He rose to occupy the position of Deputy Governor, before being appointed as Governor in 1963.
Clement Nyong Isong
Clement Isong served as the 2nd Nigerian governor of the Nigerian Central Bank from 15 August 1967 to 22 September 1975. He was appointed by General Yakubu Gowon. He was in control of Nigeria’s monetary unit when the country was in the midst of the civil war and subsequently, in an oil boom.
Adamu Ciroma served as the 3rd Nigerian governor of the Nigerian Central Bank from 24 September 1975 till 28 June 1977. He ventured into politics soon after his time as the head of Nigeria’s apex bank.
Olatunde Olabode Vincent served as the 4th Nigerian governor of the Nigerian Central Bank from 28 June 1977 till 28 June 1982. He served briefly at the Nigerian Ministry of Finance, before moving to the Central Bank of Nigeria in 1963. He was appointed Governor of the Central Bank of Nigeria during the regime of General Obasanjo in 1977.
Abdulkadir Ahmed served as the 5th Nigerian governor of the Nigerian Central Bank from 28 June 1982 to 30 September 1993. He was the longest-serving central bank governor holding the position for eleven years. He was appointed by the then President Shehu Shagari and continued in office till He was removed by Abacha’s military Junta.
Paul Agbai Ogwuma
Paul Agbai Ogwuma served as the 6th Nigerian governor of the Nigerian Central Bank from 1 October 1993 to 29 May 1999. He is a former managing director of the Union Bank of Nigeria. His tenure as the Central Bank of Nigeria Governor was marred by controversies because of the looting and mismanagement of fund by the Abacha’s military government. He is the brain behind the Nigeria Automated Clearing System (NACS).
Joseph Oladele Sanusi
Chief Joseph Oladele Sanusi served as the 7th Nigerian governor of the Nigerian Central Bank from 29 May 1999 to 29 May 2004. Sanusi was appointed by former President Olusegun Obasanjo to man the affair of the Central Bank of Nigeria. He was known as a very conservative banker. He started the process of foreign exchange control and ‘defending the naira’. Sanusi voluntarily tendered his resignation letters in May 2004.
Charles Chukwuma Soludo
Professor Charles Chukwuma Soludo served as the 8th Nigerian governor of the Nigerian Central Bank from 29 May 2004 to 29 May 2009. Charles Soludo was the erstwhile Chief Economic Adviser and Chief Executive of the National Planning Commission before his appointment as Central Bank Governor by former President Olusegun Obasanjo.
Sanusi Lamido Sanusi
Sanusi Lamido Sanusi served as the 9th Nigerian governor of the Nigerian Central Bank from 3 June 2009 to 20 February 2014. He was appointed Central Bank of Nigeria governor by former President Umaru Musa Yar’Adua. He is known for the introduction of the cashless policy, which is presently at the heart of Nigeria’s budding digital economy.
Sarah Alade served as the acting Nigerian governor of the Nigerian Central Bank from 20 February 2014 to 3 June 2014. She was appointed by former President Goodluck Ebele Jonathan. Sarah Alade was, before this time, the deputy governor of the Central Bank of Nigeria. She is the first woman to head the Central bank of Nigeria.
Godwin Emefiele is the 10th and current governor of the Nigerian Central Bank since his appointment on 3, June 2014. He is expected to continue leading Nigeria’s Central Bank till 2024. He is known for his interventionist currency policy.